In the last six months, various legal developments have taken place in the field of securities law in France.

1. The Law of 29 March 2014 introduced certain legal and regulatory provisions relating to takeover bids in order to protect minority shareholders against ‘creeping’ takeovers and to ensure that employees of the target company have the right to information regarding any such takeover. These rules entered into force in July 2014.

2. The Law of 29 March 2014 also provided for certain measures encouraging shareholders in public companies to hold their shares for long periods of time, in particular by granting double voting rights to loyal shareholders. These rules entered into force in July 2014.